WSJ Global Economics Editor David Wessel joins the News Hub with a look at what we know and what we don't know about central banks, easy money, asset purchases and bubbles. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... the Fed's money printing achieved its goal of Wall Street John all ... Chief Economics Editor David Wessel joins us to discuss key moments in history of this program the area's Tenafly Savannah ... sure ... so that that is of cos whatever own wants and now has it she does Calw anything ... well they sure answer is no it hasn't achieved its goal is goal is to have inflation low the higher than it is now ... an unemployment a lot lower ... but as they say in that column ... I think they would get the look and what was that the Fed actually accomplish with all this bond buying ... and one thing in accomplish it seems clear is it boosted asset prices the prices of stocks ... the prices of bonds ... and the prices of houses ... that was part of the plan ... the question is ... did that help the economy ... the answer is yes it did ... compared to what would happen if it hadn't ... good to be compared to what would've happened is of course I'm among intimate something bovine and on some people don't ... there is also of the WA Reis than the low interest rates and the flooding ... flooding on the markets with its ... printed money will to store things is is that something that the Fed is one about now is that was the one about said ... yes well I don't think there's much argument that what the Fed has done has posted the markets ... the question is as you just suggested is that good or bad ... the people say it's good say yeah that was what was happening maybe someday that they can to make the economy better ... the people say it's bad said Wayne Bennett has everybody or have forgotten that early two thousand ... when the Fed kept interest rates too low for too long ... ago as a whole lotta landing at the Fed and other regulators might have ... curbed it didn't and we ended up with a big financial crisis ... so the question is is that they're spending so much energy worrying about inflation and unemployment in the near term ... then it's inadvertently creating a big problem in the long term another bubble that outburst ... will go through this again ... the Fed says no ... we're watching it ... there critics say ... yes you're watching it which are not doing it that I'm one of the things that I was think about when I look in the Stock Market a submarket must be a price discovery mechanism that you've you've you've got prices discovered that ... in in this case the Fed wants the prices of stocks to go up ... in order to boost the economy so the other way round the tail wagging the dog is that a reasonable thing to worry about the tailwind in the dog in this case ... I don't think so low ... that monetary policy always has an impact on the stock market ... when in the ol' days when the Fed ... cut interest rates the stock market would go up ... because a discounted cash flow dividends is greater when rates are lower ... and when the Fed raises interest rates or that people thought that there's no reason to think ... the stock market went down ... what's different now is that the Fed is operating across the yield curve short terms of long-term rates so it's probably having a bigger impact ... on China on asset prices but the people of different always look at the price earnings ratios ... they're not really out of whack ... the reason the stock market is going up is in part in large part because earnings have gone up in the switch would want to happen ... as an economy recovers ... and ... interesting and dove they memoir even though the timing will go down I guess if they raise interest rates ... we will see soon enough only I hope right ... well maybe not so we'll see some doubt seen about ten years we'll see how this all turned out and about ten years we will check back in the map thank the much a was a pleasant David Wessel chief